Eurozone Fund Approves €2.8 Billion Bailout Loans To Greece

Greece's eurozone creditors on Tuesday morning approved a €2.8 billion ($3.04 billion) disbursement to the debt-laden country after the government completed a round of economic reform. The approval marks the end of the first review of Greece's €86 billion bailout, approved last summer after fears the country would default and ultimately leave the eurozone. "Today's decision to disburse €2.8 billion to Greece is a sign that the Greek people are steadily making progress in reforming their country," the Board of Directors of the European Stability Mechanism said in a press release. "The government has completed key milestones in the area of pension reform, bank governance, the energy sector, and revenue collection," it added. The fresh loans approved on Tuesday consist of two parts: €1.1 billion to be used for debt servicing and a further €1.7 billion for clearing arrears.